I think we just made 165K

30 Replies

Hi hi, My name is  MSOOTKAUG

Just finished my first flip!

I once saw a question here that asked "how much money has Bigger pockets made you?"

$165K 

End of my success story!

Thank you all.

well..

(not counting the other wholesale deals I have made hooking up with a buyer from BP!

You must be wondering how this awesome happy story went right? Well there was no happy story damn it! It was a damn NIGHTMARE!!

But Let me tell you how it started.

WAIT. First. Thank you Jake Andre Adrian and Trevor from InvestorCarrot. I am ALWAYS on their case being very demanding and super picky with my websites. This would not have happened without you. If any of you need help setting up your sites or ranking high.. get in touch with me!

OK now..

So, for some reason, I get good deals. Must be my monkey looks! So after wholesaling my last deal I figured I can make a lot more money if I had flipped it myself. I got tired giving away my good deals to other flippers. So I said, "Phoomba" it. (If I can't swear on this forum I will make  up my own swear words!) Smart huh?

So here I am, Young master of the universe writing a post on BP.

And it goes a little something like this:

https://www.biggerpockets.com/forums/12/topics/315...

Well my little puny humans, I got laughed at, got insulted (in pvt message), got called names...

Blah

Blahhhh

Blahhhhhh

BLAAAHHHHHH

Look , I know you all are trying to help.. well some just want to come over as smart...

And this is  a really important lesson. As a newbie you are tempted to listen to those who are successful. I am known to be a stuborn own thinker, and I don't easily take advice from others that goes against my desires or thoughts. 

Fight the man!!

See... I do not need 10 people to agree with me or willing to do this with me.. no.. no... I just need 1... [ONE]! So I let them laugh, poke fun, respond to messages in a condescending way. I let them think they are the know it all hot shots....

I just need one, that would say.. "Phoomba.. I will work with you!"

And guess what... a day later, Mr. Gold (that is how I and my contractors call him now), wrote me a massage asking me "yo Monkeyboy, Lets talk"

Well it turned out it wasn't a good deal to go 50/50 on so I tried to wholesale it. The buyer met the seller and they pushed me out of the deal very sneakily. But that is for an other day.

So because I am a brilliant all knowing immortal robotics scientist, I got invited to a robotics competition in Zurich. Again.. that is for an other day...

but when I got back 15 days later.. I had a lead waiting for me though my most awesome Investor Carrot website. I feared that the hot lead may have run cold as it was 10 days old! But no! 

Still very interested.  So I asked... how much do you want for it? He said 100K. I said come on man... how much,

He said 90.

I said Dude. I will give you 64.5K. He said OK

I said ..wait what? Really?

(of course I didn't say that. Come on!! )

Well the house was a crap house!

Lookie here

So  I run to Mister Gold. I say. Dude. Check this out. A little bit of digging, this guy, just buys the house, and starts to give me money directly into my bank account.

So I decided to steal his money and run. What an idiot!  HAAAAAAA

I am kidding of course!

It is crazy I tell you. I have still never met Mr. Gold. I trusted him not to steal my deal because I am an idiot. I had no idea (back then) how crappy Humans are! (I sure did find out afterwards though). He... he also just trusted me not to run away with his money.

But we are an awesome team. I use him for his money and he.. for my good looks! (which I guess  is equivalent to getting good deals ^_^). Mr. Gold.. if you are reading this.. I don't mean it. I think you are very handsome too! Sure you are! Don't listen to everyone else. You are beautiful!

Well my little mortals...

That brown stuff that apes throw when they are pissed at you... well .. THAT hit the fan. Heck it slammed the fan knocking the fan right over.

A LOT went wrong!! But LUCKY for us, a lot went right as well. From my moron contractor that lied to us he was licensed in plumbing and electrical.. that did all the wiring and plumbing and then covering it all up with sheetrock, trying to scam the city into thinking no one touched electrical, to not ever having a single inspection done, then stealing money from me, and running, and buying the cheapest material.. ever!...

But alas. We were expecting the house to sell for about $235K.  But after time flew by, and I made sure we used super quality materials, we decided to list the house for $299K. 

This buyer was a DIFFICULT buyer. OMG man!!

Want to hear something funny? Sure you do.

Everyone knows I am a master of SEO. You do not? well now you do. I ranked one on google in about 4 months. ANd not just that. Google gave me mini links under my SERP search results. I am the envy of all the SEO companies. And THis is not a coincidence. I have a super secret, super whitehat SEO technique that will put e on top of google every.single.time! I kicked aside other competitors that have been doing this for 15 years.paying some SEO company thousands of dollars a month.. and they got slammed over by a rooky HAAAAA HA HA snort. no no sorry. Not polite to laugh at others. 

Where was I.. oh yeah... 

Me being the greedy SEO freak. I put my pics with alt tags and watermark on the MLS, to get more traffic and internet presence...

wellllllll my silly little humans...  the buyer found my site, and in return my blog. The difficult buyer that he was, of course looked at the before and after pics on my blog, and saw how horrid the house was, obviously including model and what not. He then gave the city inspector my blogs, and  "heey what do you know.. you removed a wall here and a wall there..." Was bad!... We thought the contractor took care of all the permits and such... well he didn't. 

So we had a lot to take care off.... but it all worked out in the end.

how? That buyer got so paranoid and so difficult even the inspector told him to friggin CHILL!

He ended up walking away :(

But a few days later we got an other offer. It was not at all $305K though... 

No No.. it was  THREEHUNDEREDANDTWENTYFIVETHOOOOOUUUUUSANDFREAKINGDOLLARS!! Yup $325K

So Mr Gold and I split $165K

I had to pay back a bunch of crap that I had put on my CC due to that stupid contractor though, but hey,.. no I have my own Mr. Gold to hug and love and stroke and pet and I will call him George!

Here are the afters.

ORIGINAL FLOOR PLAN:

ORIGINAL FLOOR PLAN

CHANGES:

NEW FLOOR PLAN

Sold $325K

Purchase $64.5K

Rehab $120K

@Jerryll Noorden I remember your first posts and your blog. I was rooting for your, when others where trying to "talk some sense" into you!  This is a great job!!

this was physically painful to read.

but congrats on the sale/deal! gl on the next!

How do the numbers work out to $165k profit out of curiosity?

Originally posted by @James Green :

@Jerryll Noorden I remember your first posts and your blog. I was rooting for your, when others where trying to "talk some sense" into you!  This is a great job!!

 Heresy. Mr green!! Oh I remember. My one and only fan on bp!! Thanks brother. You are always kind and real to me!!

You lost me at, "Hi hi, My name is MSOOTKAUG"...

@Jerryll Noorden Congratulations! The after pictures look beautiful! Just curious, are you doing deals in Fairfield County?

Hey @Jerryll Noorden

Congratulations on your first flip!! It’s been a while, but I’m glad you stuck with it.

I know you said it was complicated, but if you sold for $325, rehab and house cost $184.5 how did you profit $165? Not accounting for closing costs, carrying costs and such, it would seem you profited $140.5 unless there is some math I am missing here? Not trying to be a downer, I just like to see people including all expenses and such when talking numbers. Either way, great job. Congratulations

Dan

Daniel Raposo, Real Estate Agent in Connecticut (#0783769)

Nicely done. Lots of sweat equity and glad it's paid off. Congrats and hope you have continued success.

Originally posted by @Rashad K. :

Jerryll Noorden thanks for sharing, congrats!!

 Absolutely. In all honesty.. I was not going to share anything because depending how you look at it.. it was not a success for me at all. This project was supposed to last 8 weeks, Instead it lasted almost a year. It sucked monkey balls BIG time!

The real reason I wrote the story, is that it gives my site a lot of traffic and google keeps flirting with me because of it. Sneaky I know. At least I am honest ^_^

Originally posted by @Daniel Raposo :

Hey Jerryll Noorden

Congratulations on your first flip!! It’s been a while, but I’m glad you stuck with it.

I know you said it was complicated, but if you sold for $325, rehab and house cost $184.5 how did you profit $165? Not accounting for closing costs, carrying costs and such, it would seem you profited $140.5 unless there is some math I am missing here? Not trying to be a downer, I just like to see people including all expenses and such when talking numbers. Either way, great job. Congratulations

Dan

 Hey dan. How have you been!! I can not really talk about it. Just know that we had to take money back from the contractor as he violated terms of the contract. The missing money in the numbers is because of that.

Originally posted by @Kerry Mertz :

@Jerryll Noorden Congratulations! The after pictures look beautiful! Just curious, are you doing deals in Fairfield County?

 Hello. I do deals everywhere in CT.

I have not yet done deals in FF because the houses there just have a very high price tag. I get a ton of sellers filling out my form on the website from there, but we just give those leads to local agents. It i so difficult to get a good deal with houses of that caliber.

@Jerryll Noorden ,  Congratulations on this success ( inspite of year long work and may be some hard times), but all the worth it at the end.

............. but I am not used to only hearing the success story. When folks tell me about success and they got ( cash now), they usually also invite me to a Party :).  He he.  where is the party at? 

Good luck in all future deals too. 

Naveen. 

(510) 991-6393
Originally posted by @Naveen Desai :

@Jerryll Noorden,  Congratulations on this success ( inspite of year long work and may be some hard times), but all the worth it at the end.

............. but I am not used to only hearing the success story. When folks tell me about success and they got ( cash now), they usually also invite me to a Party :).  He he.  where is the party at? 

Good luck in all future deals too. 

Naveen. 

 Naveen. If you have shirly temples there in Chicagoland, I will fly there and party with you.

And yes that is a man-drink! (vodka + virgin goatsblood)

Thanks @Jerryll Noorden

So essentially you’re getting money back from the contractor for work he didn’t perform, so your rehab costs will be lower than the $120k and actually closer to $95k once you get that money back? How long did the deal take from close to close and where was it? Just interested to hear more since I’m also in the area.

I’m also glad to hear you found someone willing to do the 50/50 split despite the haters telling you otherwise. That is exactly how I structure my deals, the money is only half the deal and therefore only half the profit. Just because someone else is willing to give up more for their time and effort doesn’t mean you or I should.

Daniel Raposo, Real Estate Agent in Connecticut (#0783769)

@Jerryll Noorden great job, and congratulation.

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